US-based financial services company Robinhood Markets, Inc. ("Robinhood") announcedfinancial results for the three months ended September 30, 2023 (Q3 2023), reporting anincrease of 29% in total net revenue on a yearly basis.

Financial Results for Q3 2023:

Total net revenue for the quarter rose by 29% from $361 million in Q3 2022 to $467 millionbut dropping by 4% compared to $486 million in the prior quarter.

Transaction-based revenues amounted to $188 million, a decrease of 11% compared to$208 million in a year-ago quarter and a decrease of 4% compared to $193 million in Q2 ofthis year. On a year-on-year basis, option revenue was unchanged at $124 milion, equitiesrevenue decreased by 13% to $27 million, while cryptocurrencies revenue decreased by55% to $23 million.

Net interest revenues jumped 96% from $128 million in the same period of last vear to $251million, up 7% compared to $234 million in Q2 2023.

Operating expenses totaled $540 million in Q3 2023, 1% higher than $535 million in Q3 2022and 16% higher than $466 million in Q2 2023.

Adjusted EBITDA (non-GAAP) reported $137 million with margin of 29% for the threemonths, compared to $47 million and 13% in Q3 2022, as well as $151 million and 31% inQ2 2023.

Net Cumulative Funded Accounts increased by 360,000 to 23.3 million on a year-on-year

basis.

Monthly Active Users (MAU) decreased by 16% to 10.3 million on a year-on-year basis.

Assets Under Custody (AUC) increased by 13% sequentially to $89 billion, primarily drivenby higher equity valuations and continued net deposits

Net Deposits were $4.0 billion, which translates to an annualized growth rate of 18% relativeto AUC at the end of Q2 2023. Over the past twelve months, Net Deposits were $17.3 bilion.which translates to a growth rate of 27% relative to AUC at the end of Q3 2022

Cash and cash equivalents amounted to $4.9 billion, a decrease of 21.0% compared to $6.2billion in the same period of 2022.

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